Binance Holdings Limited, the parent company of one of the largest cryptocurrency exchanges, has initiated talks toward an out-of-court settlement to resolve its tax-evasion dispute with the Federal Government of Nigeria. The move comes as the crypto company attempts to prevent a drawn-out legal battle.
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Binance Seeks Settlement Over Nigeria Tax Evasion Charges
During a hearing on March 24, Binance’s lead counsel, Sunday Agaji, told High Court Judge Emeka Nwite in Abuja that the crypto exchange is exploring settlement options with the Federal Inland Revenue Service (FIRS), now referred to as the Nigeria Revenue Service (NRS).
Moses Ideho, a Deputy Director in the NRS Legal Department and lead prosecutor, confirmed that Binance had formally approached the agency to avoid a prolonged legal battle. Agaji corroborated this, stating that “the parties are currently exploring a settlement.”
Following this, Judge Nwite adjourned the trial until May 12, 2026, to give both parties time to negotiate and submit a progress report on any agreement. No terms or framework for the discussions were made public during the session.
What Triggered Nigeria’s Crackdown on Binance?
Nigeria’s crackdown on Binance began on Feb. 21, 2024, when the Central Bank of Nigeria (CBN) moved to curb currency speculation and pressure on the naira. The federal government had directed the Nigerian Communications Commission (NCC) to instruct telecom operators to block access to Binance and crypto platforms such as Coinbase (COIN) and Kraken.
Five days later, two Binance executives, Tigran Gambaryan and Nadeem Anjarwalla, arrived in Abuja for talks with officials and were detained later. On March 5 of the same year, Binance suspended all naira (NGN) services due to regulatory pressure in Nigeria.
The situation escalated on March 25, when the NRS filed criminal tax evasion charges against the executives, later focusing solely on the company. The legal battle intensified in Feb. 2025 with a civil suit demanding $2 billion in unpaid taxes and roughly $79.5 billion in alleged economic losses tied to Binance’s operations in Nigeria. The private company is now seeking to settle these claims out of court.
Is BNB Crypto a Good Investment?
Binance Coin ($BNB-USD) is widely viewed as a strong crypto asset because of its utility within the Binance ecosystem. However, it remains highly volatile with risks tied to regulatory pressure, centralization, and overall market uncertainty. For investors interested in stocks in the crypto industry, analysts tracked on TipRanks Stocks Comparison Center point to options such as Strategy (MSTR), COIN, and Block (XYZ).
